With digital transformation being at an all-time high for the banking and finance industry, financial brands must utilize digital to stay fast, agile, and flexible, also in their research approach.
The need to put insights at the heart of all marketing decisions is core in driving company growth. Steered by this need to show a ‘return on insights’, research activities will be increasingly engineered for impact.
Consumers are increasingly taking on an active ‘maker’ role, shaping products and solutions. Just think about the success of crowdsourcing platforms such as ‘My Starbucks Idea’ or ‘LEGO Ideas’. This implies that, next to ‘think’, ‘feel’, and ‘do’, we should also include ‘make’ in the research mix.
What people say, does not always correspond with what they actually do. This so-called ‘say-do gap’ is visible from election polls to topics like sustainability. Wanting to understand human behavior, it is therefore not enough to focus on what people ‘think’ and ‘feel’; what they ‘do’ is another vital part of the research mix.
When making a decision, one does not say ‘What do I think about this’, but rather ‘How do I feel about this’. Clearly, emotions are key drivers of decision making. This strong impact of emotions on behavior also has implications for marketing research. Are ‘feel’ activities an integral part of your research mix?
Understanding human behavior is complex and requires a multi-dimensional approach. Sometimes it might be faster, easier and better to simply ask people what they think. As such, ‘think’ activities are still an important part of the research mix.
For a long time, the dominant belief among philosophers, scientists and economists was that humans are driven predominantly by ratio. And this was no different for marketing researchers. But how realistic is this? Can we truly unravel and understand complex human behavior by solely focusing on their ‘thinking’?
We invited Jo Stanbridge, Global Insight Lead Sensodyne at GSK, to share her experience on collaborating with leading-edge consumers to fully understand the importance of consumer trends and how they manifest within different cultures.
We invited Gaël Chevé, CMI International at L’Oréal Active Cosmetics (Cerave, La Roche Posay and Skinceuticals), to talk about the value of collaborating with ‘the 90’ or everyday consumers, and how this helps L’Oréal to further develop their consumer-centric thinking.
“Creativity isn’t a luxury, it’s a necessity!” , says Duncan Wardle. With these words, the former Walt Disney Company’s Head of Creativity & Innovation argues that creativity can give companies a competitive edge. He refers to tech giant Apple as an example; this brand became a synonym for creativity; it also dominated BCG’s top 50 list of most innovative companies for the last 15 years.
All of us everyday consumers can share our everyday needs and frictions; but only a limited number of people can signal ‘things to come’, thereby curating the future. Those are the ones living on the edge – heavy users, trendsetters or early-adopters; they know precisely what is hot and next in a particular area.
Any idea what the ‘Facebook Phone’, the ‘Microsoft Band’ and ‘Apple’s butterfly keyboard’ have in common? No, it has nothing to do with technology; all three products failed, with ‘a misfit with the market’ as most cited reason.